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Shadow Banking has been identified as one of the last remaining regulatory issues in the quest for more resilient financial markets. Largely parallel efforts are currently underway at both the G20 and the EU level to enhance the supervisory and regulatory framework on shadow banking. Any future regulation clearly requires a workable definition of shadow banking. Moreover, regulation will need to be targeted, risk-based and take duly into account the different risk profile between the different possible shadow banking entities and activities. In the area of asset management, the potential regulation sectors identified by the European Commission’s Green Paper on Shadow Banking: Exchange Traded Funds and Money Market Funds.